Reuters UK | Oil hits new five-year low below $56 as supply glut persists Reuters UK Brent has slumped to its lowest in more than five years as top exporter Saudi Arabia and other large Gulf producers continue to pump oil amid fast-growing U.S. shale oil output, despite pleas from other Organisation of the Petroleum Exporting Countries ... Oil falls back from early New Year gains Oil falls to 5-1/2-year low amid Russia, Iraq production gains Oil Falls to 5 1/2-Year Low as Russia, Iraq Boost Output |